Domtar Corporation has completed the sale of its personal care business to affiliates of American Industrial Partners for US$920 million.
The company announced the sale at the beginning of 2021.
“The sale of the Personal Care business is part of our ongoing effort to strategically optimize our portfolio and allows us to strengthen our balance sheet, enhance liquidity and buy back shares,” says John D. Williams, president and chief executive officer, in a statement.
“I want to thank the employees for their hard work and dedication throughout the process, and for their contributions over the years.”
Following the closing of the sale, Michael Fagan, president of Domtar Personal Care, will continue leading the personal care business and leave Domtar.
“On behalf of the board and management committee, I would like to thank Mike for his leadership and exemplary service,” says Williams.
The company plans to use $600 million of the proceeds to reduce debt and $300 million to repurchase shares.
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